Everspin Technologies(MRAM) - 2025 Q1 - Quarterly Results

Revenue Performance - Total revenue for Q1 2025 was $13.1 million, a decrease of 9% compared to $14.4 million in Q1 2024[7] - MRAM product sales reached $11.0 million, slightly up from $10.9 million in Q1 2024[7] - Licensing, royalty, patent, and other revenue fell to $2.1 million from $3.6 million in Q1 2024[7] - Revenue for Q1 2025 was $13,138, a decrease of 9% compared to $14,430 in Q1 2024[24] - For Q2 2025, total revenue is expected to be between $12.5 million and $13.5 million[5] Profitability Metrics - Gross margin decreased to 51.4%, down from 56.5% in Q1 2024[7] - Gross profit for Q1 2025 was $6,753, down 17% from $8,160 in Q1 2024, resulting in a gross margin of 51.4%[24] - Operating loss for Q1 2025 was $1,932, compared to a loss of $600 in Q1 2024, reflecting a 222% increase in losses[24] - Net loss for Q1 2025 was $1,166, a significant increase of 477% from a loss of $202 in Q1 2024[24] - Non-GAAP net income was $0.4 million, or $0.02 per diluted share, down from $1.5 million, or $0.07 per diluted share, in Q1 2024[7] - Non-GAAP net income for Q1 2025 was $411, down 73% from $1,512 in Q1 2024[25] - GAAP net loss was $1.2 million, or $(0.05) per diluted share, compared to a net loss of $0.2 million, or $(0.01) per diluted share, in Q1 2024[7] - Diluted earnings per share for Q1 2025 was $(0.05), compared to $(0.01) in Q1 2024, marking a 400% decline[24] - GAAP net (loss) income per basic share for Q2 2025 is projected to be between $(0.05) and $0.00[5] Cash Flow and Liquidity - Cash and cash equivalents increased to $42.2 million as of March 31, 2025, compared to $42.1 million at the end of 2024[7] - Cash provided by operating activities was $1,440 in Q1 2025, contrasting with cash used of $1,293 in Q1 2024[22] - Cash and cash equivalents at the end of Q1 2025 were $42,158, up from $34,801 at the end of Q1 2024[22] Operating Expenses - Operating expenses for Q1 2025 were $8,685, a slight decrease of 1% from $8,760 in Q1 2024[24] Product Development - Everspin announced two new products in the Orion xSPI family aimed at aerospace and defense markets[2]